Three CZs, three different stories

Written by: CoolFish

Recently, group members have been discussing three "CZs"—namely, Binance founder Changpeng Zhao, Manus COO CZ Chen, and Prince Group boss Chen Zhi, who was recently arrested and returned to China.

If A Bao in "Blossoms" represents the glamorous transformation of Shanghai in the 1990s under the opportunities of the times, then the following stories are three different scripts presented by three CZs who chose different paths in the wave of globalization.

Three people, three stories, spanning nearly half a century...

I. Chen Zhi and the Grassroots Era: The Myth of Sudden Wealth in the Gray Area

In the mid-2010s, Chinese capital was poised for a surge in overseas investment. This was a unique moment: on the one hand, China's economic strength continued to rise, its foreign exchange reserves were abundant, and domestic enterprises and investment institutions had an increasingly strong desire for global expansion, urgently needing to find new growth points in overseas markets; on the other hand, the regulatory framework for global cross-border capital flows was already lagging behind the pace of market changes, and the entry rules and review standards of some countries were still in the process of adjustment and improvement, with regulatory differences between different markets creating a certain degree of flexibility.

There are many gray areas, and many opportunities .

Chen Zhi (initials CZ) rose to prominence against this backdrop. This 38-year-old businessman, through establishing a transnational fraud network, once earned as much as $30 million a day. This figure is enough to make anyone's jaw drop. But more importantly, this figure represents an unregulated gray area.

In Chen Zhi's story, we see a rags-to-riches entrepreneurship spree that went completely astray. He didn't create value through product innovation, technological advancement, or management optimization. Instead, he accumulated wealth through direct, aggressive, and even illegal means.

He established a "fraud center" in Cambodia, using forced labor to conduct online scams targeting victims worldwide. He attempted to launder money through financial instruments, utilizing cryptocurrencies, cross-border payments, and multi-country registrations to evade regulations.

Why can this model exist?

The answer is simple: because no one can effectively stop it. In the mid-2010s, global regulation of transnational cybercrime was not as stringent as it is now. Law enforcement cooperation between countries was also insufficient. Someone with the courage, resources, and the ability to reduce their chances of being regulated and held accountable through lobbying, rule-biased approaches, and jurisdictional immunity could survive, and even thrive, in the gaps of the law .

But all of this came to an abrupt end in October 2025. US prosecutors filed charges against Chen Zhi. In January 2026, he was arrested in Cambodia and subsequently deported to China. His empire collapsed overnight. Interested readers can refer to my other article, " 'Even a penny falling from the sky is his'—Exposing the crimes and twilight of Cambodia's 'Crown Prince' Chen Zhi ."

What does Chen Zhi represent?

He represents an era that has passed. That era was characterized by regulatory vacuums, numerous gray areas, and the possibility of getting rich quickly. But the fate of this era is that once global regulation begins to coordinate, once countries begin to strengthen law enforcement cooperation, and once the international order begins to be rebuilt, this model will completely collapse.

Chen Zhi's arrest is not only a personal tragedy, but also the end of a gray era.

II. Zhao Changpeng and the Era of Tech Entrepreneurship: The Game Between Innovation and Compliance

If Chen Zhi represents the era of shady get-rich-quick schemes, then Zhao Changpeng represents the era of technology entrepreneurship.

This is a completely different story.

Zhao Changpeng was born in 1977 in Lianyungang, Jiangsu Province. His upbringing is typical: he moved to Canada at the age of 12, studied computer science at McGill University, and after graduation worked for companies such as Bloomberg and the Tokyo Stock Exchange, engaging in technology and financial software development.

He is a tech person, a programmer who understands finance .

This context is important. Unlike Chen Zhi, Zhao Changpeng does not create value by circumventing regulations, but rather by changing the entire industry ecosystem through technological innovation.

In 2013, Zhao Changpeng entered the cryptocurrency field, working at Blockchain.info and serving as the Chief Technology Officer of OKCoin.

He is best known for selling his Shanghai property in 2014 to raise cash and invest it in Bitcoin.

After serving less than a year at OKCoin, he founded his second company, Bijie Technology, but this is not his greatest achievement.

In 2017, Changpeng Zhao founded Binance. This was a pivotal moment. 2017 was a banner year for cryptocurrencies, with Bitcoin soaring from $3,000 to nearly $20,000, and the entire crypto community was celebrating. Against this backdrop, Changpeng Zhao launched Binance—an efficient and user-friendly cryptocurrency exchange .

Binance's success is astonishing. In less than eight months, it became the world's largest cryptocurrency exchange, capable of processing approximately 1.4 million orders per second.

Zhao Changpeng himself has become a legendary figure. In February 2018, Forbes magazine listed him as the "richest person in cryptocurrency." In May 2018, his net worth exceeded $1.39 billion.

But there's a key difference: Changpeng Zhao's success is built on product innovation. Binance's success stems from offering a better user experience, higher trading efficiency, and a wider range of cryptocurrency trading options.

But Changpeng Zhao also faces a problem: regulatory oversight. While Binance has transformed the exchange ecosystem through product innovation, it hasn't obtained a formal financial license in any country. This might have been acceptable in 2017 and 2018, but over time, global regulators have begun to pay attention to cryptocurrency exchanges.

Zhao Changpeng faced a choice: either fight against regulation or compromise and surrender to it. He ultimately chose the latter.

In November 2023, Changpeng Zhao and Binance pleaded guilty to violating the Bank Secrecy Act and anti-money laundering regulations to the U.S. Department of Justice. Binance was fined $4.3 billion, and Changpeng Zhao stepped down as CEO.

This is an interesting contrast. Chen Zhi chose to flee and resist when faced with regulatory pressure, ultimately leading to his arrest. Zhao Changpeng, on the other hand, chose to plead guilty and survived. Binance, while suffering a significant blow, still exists and is strengthening its cooperation with relevant US regulatory agencies. However, in the long run, the market will become more regulated, and Binance will remain the world's largest cryptocurrency exchange.

What does Zhao Changpeng represent?

He represents a typical characteristic of the technology startup era. In this era, an entrepreneur with a technical background and product innovation capabilities can rise rapidly by changing the industry ecosystem. However, a defining feature of this era is the gradual tightening of regulations. Innovators may temporarily circumvent regulations, but ultimately they will still face regulatory scrutiny.

Success in the era of technology entrepreneurship lies not in resisting regulation, but in adapting to it. Those companies and entrepreneurs who can continue to innovate within the regulatory framework are the true winners .

III. CZ Chen and the AI Era – New Possibilities for Leapfrog Development

If Chen Zhi represents the era of grassroots development and Zhao Changpeng represents the era of technological entrepreneurship, then CZ Chen represents the great leap forward under the AI wave.

This is a completely new story.

CZ Chen is a post-90s generation. She is not an entrepreneur, but a professional manager. She graduated from Shanghai University of Finance and Economics with a bachelor's degree and Columbia University with a master's degree. Her career trajectory is also perfect: she worked at Vanke, MM Capital (an investment bank), and finally joined Manus AI as Chief Operating Officer.

CZ Chen didn't create wealth by starting a company; rather, she achieved a leap in her career through precise career choices. She joined the right company at the right time and ultimately reaped enormous rewards.

The story behind Manus and its founder, Xiao Hong, is also quite interesting (for details, please see my other article, " Xiao Hong: From Small-Town Youth to Manus CEO, a Bitcoin Believer's Long-Termism ").

In March 2025, Manus made headlines in the global tech world, with media outlets calling it the world's first universal AI agent. By December, Manus had achieved $100 million in annual recurring revenue (ARR), setting a new record for the fastest startup to reach this milestone.

In the same month, Meta announced its acquisition of Manus. This was a huge success. CZ Chen, as the company's COO, undoubtedly gained immense wealth and fame.

But the story doesn't end there. On January 8, 2026, China's Ministry of Commerce announced it would review and investigate Meta's acquisition of Manus to assess whether the transaction violated Chinese laws and regulations regarding technology export controls, import and export, and overseas investment.

CZ Chen seems to have suddenly faced uncertainty, but this uncertainty is completely different from the uncertainty faced by Chen Zhi or Zhao Changpeng.

Chen Zhi faces moral and legal judgment—his business model is illegal in itself. Zhao Changpeng faces compliance pressure—his business model needs to compromise with regulators.

CZ Chen faces geopolitical risks—her success itself is not problematic, but it involves technological competition between China and the United States.

What does CZ Chen represent? She represents new possibilities in the AI era. In this era, a well-educated professional with an international perspective and the ability to accurately grasp market opportunities can achieve rapid wealth growth by joining the right company and making the right choices at the right time .

In conclusion

Times are changing, and so are the rules.

Three "CZs," three different lives, yet like three prisms, they reflect three facets of the struggle between individuals and power, technology, and national will in the tide of the times .

Some gamble heavily on the gray areas, some embrace the growing pains of regulation, and some ride the AI wave. Tickets to the era keep being issued, only each era presents a different version.

If you can't adapt, you'll be eliminated.